How to structure a partnership

[Kathy Patterson]

I would like to know how others might structure a deal in this situation:

My friend has a high paying job, an 800 credit score and cash for a down payment.  She wants equity, write-offs and eventual appreciation.  She does not want current income.

I do not have a high paying job, a 737 credit score and no cash for a down payment.  I too want equity, write-offs and eventual appreciation.  I don't need current income either.

We would need to take out a mortgage for the remainder of the purchase price.  I will identify the property, find tenants and manage the property.  Assuming we can cover expenses (using the BP calculators)  and break even (or at least not have a negative cash flow), what are some ways to structure a deal?

We want to be 50/50 partners, but how do we balance the fact that she is putting up more cash and I am doing the work?  

How do you divide the equity when one person is an active manager and the other is a passive investor?  We are looking at move-in ready single family homes, not fixer uppers and have a 10 year minimum holding period.  In 10 years we will decide if we want to sell or one buy the other out.

I would appreciate knowing how others have done similar deals successfully.  

Thank you.